While Eastar Jet, which is in the process of corporate rehabilitation, made the main bid, it has been confirmed that the Ssangbangwool consortium has accepted the bid alone.
Eastar Jet will decide the final buyer next week after checking the opinions of the preferred buyer selected last month.
According to industry sources on the 14th, Eastar Jet conducted the main bid against those who expressed their intention to acquire the company later in the day. As a result of the bidding, only the Ssangbangwool Consortium expressed its intention to acquire the company alone among the companies that submitted the letter of intent (LOI).
Eastar Jet will look at the amount of the Ssangbangwool consortium, and ask the preferred buyer again about his intention to take over. Eastar Jet has been conducting mergers and acquisitions (M&A) through stalking horse bidding. Stalking hose is an M&A method that appoints a 'pre-sale buyer'and finds other buyers who will offer good conditions through competitive bidding.
Eastar Jet's preferred buyer is known to be Sungjung Co., Ltd., a general construction company. Sungjung is a company that manages earthworks, real estate development projects, and golf course management, with assets of about 100 billion won. Sungjung is said to have offered about 80 billion won in a preliminary acquisition contract for Eastar Jet. If the Ssangbangwool consortium offered a higher price than the amount offered by the existing preferred buyer, the preferred buyer would have to pay more of the difference.
The outline of the final acquisition candidate is expected to come out as early as the end of this week or early next week after sounding out the intention to acquire the preferred buyer. Eastar Jet plans to conduct a thorough inspection for about one to two weeks as soon as the final acquisition candidate is decided and finalize the contract by July 20.
Reporter Lee Ji-sun stockmk2020@gmail.com
